Cresset Asset Management LLC Trims Stock Holdings in Phillips 66 (NYSE:PSX)

Cresset Asset Management LLC trimmed its holdings in Phillips 66 (NYSE:PSX) by 58.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,022 shares of the oil and gas company’s stock after selling 28,260 shares during the quarter. Cresset Asset Management LLC’s holdings in Phillips 66 were worth $2,281,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. Oppenheimer & Co. Inc. grew its stake in shares of Phillips 66 by 10.6% in the 4th quarter. Oppenheimer & Co. Inc. now owns 46,953 shares of the oil and gas company’s stock valued at $5,349,000 after purchasing an additional 4,515 shares during the last quarter. Flavin Financial Services Inc. purchased a new position in Phillips 66 in the 4th quarter valued at $1,190,000. Donoghue Forlines LLC purchased a new position in Phillips 66 in the 4th quarter valued at $1,438,000. Smith Group Asset Management LLC acquired a new position in Phillips 66 in the 4th quarter valued at $1,149,000. Finally, Corps Capital Advisors LLC purchased a new position in Phillips 66 during the 4th quarter worth $412,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Price Performance

Phillips 66 stock opened at $110.86 on Friday. The stock has a market capitalization of $45.17 billion, a P/E ratio of 22.44, a P/E/G ratio of 4.84 and a beta of 1.01. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $150.12. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The firm’s 50-day moving average is $111.61 and its two-hundred day moving average is $119.37.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. The firm had revenue of $31.92 billion for the quarter, compared to analyst estimates of $31.93 billion. During the same quarter last year, the business posted $1.90 EPS. Equities analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be given a dividend of $1.20 per share. The ex-dividend date is Monday, May 19th. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a yield of 4.33%. Phillips 66’s dividend payout ratio is 109.34%.

Wall Street Analysts Forecast Growth

PSX has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Phillips 66 from $140.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. UBS Group cut their target price on Phillips 66 from $144.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, April 28th. TD Cowen decreased their price target on Phillips 66 from $127.00 to $114.00 and set a “buy” rating on the stock in a research note on Monday, April 28th. Barclays cut their price objective on Phillips 66 from $135.00 to $106.00 and set an “equal weight” rating for the company in a research report on Thursday, April 10th. Finally, Mizuho decreased their target price on shares of Phillips 66 from $140.00 to $132.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average price target of $136.36.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.